Fancamp Exploration Ltd.
TSX VENTURE : FNC

Fancamp Exploration Ltd.

May 24, 2011 11:36 ET

Fancamp Drilling at McFaulds Lake Property, Ring Of Fire, Northern Ontario-Important New Chromite Occurrence

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 24, 2011) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) (the "Company") announces results of continued drilling in the newly discovered chromite horizon, dubbed the BlackHorse occurrence, on its McFauld's Lake property. As reported in April, drill hole FN-10-25 intercepted high grade chromite over a vertical extent of roughly 200m, at a depth of 838.5 metres to 1048.3 metres down hole. The average grade was 43.5% Cr2O3 and had a chrome to iron ratio of 2.09. This drill hole was collared with an azimuth of 220° and a dip of -80. The average grade was based on 35 samples of 1 metre core sample length, taken at regular intervals of 6 metres throughout the entire 209.8m length of the intersection. Indications were that the drill hole followed the layer down, nearly parallel to its strike before crossing into altered, foliated, talc rich peridotite.

Subsequently, drill hole FN-10-26 was collared 250 metres to the southwest in a direction nearly perpendicular to hole FN-10-25, with an azimuth of 297° to 330° and a dip of -80, directed at the C-1 edge of the NW fault system along which Noront's Eagle 1 deposit is believed to be offset. This hole intersected 56.6m of rhythmically layered massive chromite and peridotite (60% chromite, 40% peridotite), followed by 53.2m of massive chromite. This chromitite horizon extended from 710.7m – 820.5m down hole. Layering within the sequence and the corresponding strong gravity anomaly near surface indicate a steeply south-dipping chromitite horizon with an overall thickness estimated to be in the order of 40m. Assay results for drillhole FN-10-26 are expected in early June, and further drilling is planned to recommence on June 2nd to confirm the true thickness and strike extent of the chromite horizon toward the surface and along strike to the east. The BlackHorse occurrence is marked by a moderately strong gravity anomaly cut off to the west by a northwest trending fault structure but extending easterly a distance of approximately 1 km. Downhole geophysical results from holes FN-10-25 and FN-10-26 are being analyzed in the search for conductive nickeliferous sulphides.

Mike Flanagan, M.Sc. A., P.Geo. is the Qualified Person on the Fancamp McFauld's Lake property and is responsible for the preparation of this news release.

ON BEHALF OF THE BOARD

Peter H. Smith, PhD., P.Eng., President

S.E.C. Exemption: 12(g)3-2(b)

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Fancamp Exploration Ltd.
    Peter H. Smith, PhD., P.Eng.
    President
    514-481-3172
    www.fancampexplorationltd.ca

    Bay Street Connect Investor Relations
    Michael D'Amico
    647-500-6023